8 Ways your Well designed Mobile App can Increase your Business Revenue
It is one thing to launch a mobile app for your business, and another, to make it actually fulfill its purpose: Increase Revenue.
If you are yet to join the bandwagon of including mobile apps as part of your marketing strategy, then you are missing out.
In order to boost your sales and increase your business revenue, you have to put yourself where people are investing their attention on:
With the increase in the number of smartphones, more people are choosing mobile applications over browsing the Internet.
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Hence the rise in mobile trends. So having a website is not just enough, you have to go mobile. According to the statistics, 52% of the time individuals spend on digital media, is on mobile apps.
Global app revenue climbed 35 percent in 2017 to reach nearly $60 billion. That’s not all! According to recent researches, mobile apps are anticipated to generate $189 billion by 2020.
Furthermore, 42% of all mobile sales generated by leading merchants were from mobile apps.
Now that is something you want to pay attention to.
But how can these revenue be generated through mobile apps? Or more specifically, what can you do to also increase your business revenue through your mobile app?
After all, we all seek huge returns from our investment and launching an app is no doubt a great investment.
Together with implementing the correct strategy and practice, your mobile app can serve as a superb tool to increase your business revenue.
The big question is; how can your business be part of those earning tremendously from their mobile apps?
Here are 8 awesome and highly effective ways to stack up more dollars in your business from your well designed mobile app.
1. Set Up a Loyalty Program
Having your customers buy stuff on repeat is gold.
And that is what a customer loyalty program will do for your business. Adopting a customer loyalty program will encourage your customers, to buy more than they normally would.
It will also make them keep coming back for more because of the rewarding feeling.
A study revealed that over 80 percent of consumers are more likely to shop at stores that offered some type of loyalty program.
As 59 percent of people would be more likely to join a loyalty program that offered a smartphone app.
With all these stats, it is obvious that using this strategy in your mobile app is sure to bring those money rolling.
It is a great incentive for customers, as it makes them feel appreciated and gives them the ability to save money.
Which is the core reason they love participating in these programs.
And that is sure to skyrocket your sales. Not just that, having a loyalty customer program will lead to increased user retention, which is another recipe for continuous increase in your business revenue.
Research shows that increasing retention by just 5% through customer loyalty programs can boost revenue by 25 to 95%.
It will also give insights to you into what your customers will likely splurge their money on, leading to personalization.
Applying comprehensive, personalized loyalty program will no doubt increase your product sales.
2. Data Insights
With mobile apps in possession of user’s valuable data, since users will have their personal information stored in their profiles.
It will serve as a huge business advantage. The data gathered, will help you track your customers transactions and browsing history.
An amazing insight into the life of your customers, such as understanding their consumer behaviors, interests, wishes and likes.
For example, a customer, from their browsing history will showcase what they regularly search? What type of sale they are more likely to purchase? What they have saved for later?
Research shows that 78% of U.S. internet users said personally relevant content from brands increases their purchase intent.
All these insights will lead to personalization, which is key to influencing consumer’s likelihood of deciding to spend money or not.
79% of consumers say they are only likely to engage with an offer if it has been personalized, to reflect previous interactions the consumer has had with the brand.
As most consumers will prefer a personalized experience, which basically involves tailoring your products and services to their preferences.
As you can see, personalization has a positive impact on conversion rates for mobile apps. This is a huge opportunity for businesses that operate on physical locations, because they would never have such outlook without a mobile app.
By 2020, 51% of consumers expect that companies will anticipate their needs and make relevant suggestions before they make contact.
These data shows how your sales promotions would be fruitless, if they are not tailored to a customer’s needs.
Businesses can use data collected through geo tracking and ad campaigns to deliver just-in-time offers.
Designing personalized special offers, ads and discounts will further boost your sales.
3. Have an Effective Strategy for Push Notifications:
In an interview done by Forbes, Dakota Smith of Hopper, attributes her app’s success to its use of push notifications, she said:
“Refining our push-notification strategy was really the key for us in converting our install base into paying customers. Each month we send upwards of 20 million push notifications to our users and almost all of our flights are sold in response to a push notification.”
This clearly illustrates the huge impact, push notifications can have in spiking up your business revenue. It is one of the perks of having a mobile app for your business.
Because push notifications can only be sent through a mobile app. Studies shows that push notifications has a higher deliverability, opening, click and retention rate.
But just sending push notifications won’t do the magic, you have got to be strategic about it.
She further added: “Some of our seemingly-small A/B experiments on copy, timing and frequency have led to conversion-rate improvements on our push notifications have increased sales by millions of dollars.”
This shows why push notifications should be done the right way, as they could go as far as increasing your conversion rates up to 50%.
An effective strategy includes:
- Sending valuable offers such as discounts, flash sales, promotions etc.
- Taking advantage of location-based services and geo-fencing technology. For example sending notifications to the customers about the offers related to a particular city or region; and
- Sending your customers relevant and timely notifications, based on their physical location in order to announce a sale to users located in the area of business.
4. Use of Social Media
Increase in customers equals increase in revenue. For this possibility, you have to have a wider outreach and stronger visibility that only social media can provide.
There are 3.48 billion social media users in 2019, with the worldwide total growing by 288 million (9 percent) since this time last year.
According to Hootsuite, 90% of brands use social media to increase brand awareness.
Thus, the main way of attracting attention and reaching your target audience online, is through social media.
Having the social media share links in your mobile apps can go a long way to attracting more customers, by gaining more app downloads.
Ensure your old customers are already enjoying your mobile app experience. It will prompt them to share your mobile app on their social profiles.
A survey showed that 95% of Online adults aged 18-34 are most likely follow a brand via social networking.
This enables you to leverage user’s social networks, to discover new customers.
As most people are active in social media, it is essential to make your business visible, on various social media platforms, to increase your customers engagement and become more relevant.
You also get to share your app link, among your own social media audience, which will attract more consumers to your products and services.
This form of digital marketing is free and yet so impactful. Marketing your app effectively on social media can deliver a huge ROI.
5. In App Purchases
One of the best ways to make money through mobile apps, is when purchases are made in the apps.
It is more effective than using ads, as over 50% of mobile app revenue is generated via in-app purchases.
Below are global stats for mobile app revenue as of 2017:
Global Paid-for mobile app revenues in 2017 – $29 billion
Worldwide In-app purchase revenues in 2017 – $37 billion
US mobile app advertising revenues in 2017 – $33 billion.
Not only is this strategy better to generate revenue, it will also directly link you to your customers, as they purchase your products.
It is highly recommended to have your own in-app store, as it would lessen the hassle for consumers, to browse through your products and services.
This is not just limited to businesses that deal with physical products, even if you are service based, you can get your consumers to pay through the apps.
One of the most effective ways to have successful in-app purchases, is by offering limited time offers that your consumers won’t want to miss out on.
Another way to have in-app purchases is by offering premium experiences, which means they are already having that experience but at a basic and limited level.
If your consumer enjoys it so much, they will not mind paying for a step up from their current experience to a more satisfying one.
This is where you have to be strategic and careful with having free features that is satisfactory, to the point where the urge of upgrading will be non-existent.
Your premium offer has to be a huge step up from your basic offer, inviting, packed with value and something the customer will be more than willing to pay for.
Making subscriptions to get access to exclusive content, is another way to increase your business revenue through in-app purchases.
This mostly works for those running a subscription-based business model, like the fitness industry.
This is a very lucrative strategy as it is recurrent, so making sure your content is topnotch will prevent your customers from canceling.
6. Driving Sales Opportunities
Your mobile app will highly increase the possibilities of consumers making purchases on the go, which will automatically boost your sales.
Also, 79% of smartphone users have made a purchase online using their mobile device in the last 6 months.
80% of shoppers used a mobile phone inside of a physical store to either look up product reviews, compare prices or find alternative store locations.
The mode of interactions between customers and businesses, is no longer geographically limited.
With the ease of making purchases at anytime and anywhere, like during commutes, on your couch or when waiting in queue, your mobile app will effectively maximize the opportunities for reaching consumers.
Also, when your mobile app stores your consumers login and billing details, it provides a hassle free experience as it becomes easier to make transactions.
All these, drive sales opportunities and increases your business revenue, due to the ease and automation provided by your mobile app.
7. Building your Email Lists
Yes, you already have push notifications option to share important information, and your app is enough to make you engage with your consumers.
But, if you really want to develop a more reliable and long term relationship with your customers, you have to build your email list.
Your consumers might decide to stop using your mobile app (hopefully not) but people rarely change their email addresses, they don’t just wake up and decide: I no longer need this email.
Email marketing campaign, is a better and easy way to make sure users actually see your content and engage with it.
About 60% of the internet marketers believe that email marketing outperforms social media.
Just as much as you want to focus on social media, you should give your email marketing a lot of efforts too.
When you send regular newsletters, with valuable information, it tends keep your brand at the forefront of a customer’s mind, making them more likely to be quite familiar with your business.
You can get your consumers email addresses from your app by stating it boldly on your mobile landing page, with an incentive that will prompt them to submit them to you.
It could be a PDF, an infographics or just any added advantage of subscribing to your email list.
Including an email subscription form to your app, could effectively drive traffic to your websites and blog through regular email updates.
8. Customer Service
We can all agree that the success of your business is highly dependent on your customers, they are the ones that can make it possible to increase your revenue.
Every consumer wants an enhanced customer experience, and the only way to achieve that is by improving the quality of your customer service.
A well designed mobile app is just the exact answer to satisfy customers with your services, with the ease of automation and self-services. You will always be there whenever and wherever your customers need you.
In fact, the vast majority of marketers see their apps as a means to primarily improve customer services.
Because higher customer satisfaction equates higher sales. With customer experience, serving as the most exciting business opportunity.
According to SalesForce, 70 percent of buying experiences are influenced by how customers feel they’re being treated.
Mobile apps are customer centric as they constantly prioritize their needs, likes and preferences.
When customers are impressed with your services, it will boost sales as they will be more likely to develop genuine interest and growing demand in your products.
One of the vital functions of mobile apps is to improve customer service as well. It will make your customer service efforts more integrated, making your brand more accessible and user-friendly.
Improving the customer experience is one of the driving factors why more and more companies are integrating technology with their business machinery, and having a mobile app would contribute vastly to that.
If your app is well designed, and you decide to implement most, if not all, of these amazing ways. Look forward to skyrocket your sales.
It is not just about launching your mobile app, you have to make sure it delivers a huge ROI, for the growth and profitability of your business.